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The differences between bankers and phone bankers can be seen in a few details. Each job has different responsibilities and duties. It typically takes 2-4 years to become both a banker and a phone banker. Additionally, a banker has an average salary of $44,463, which is higher than the $34,532 average annual salary of a phone banker.
The top three skills for a banker include taking care, financial services and securities. The most important skills for a phone banker are customer service, customer inquiries, and compliance guidelines.
| Banker | Phone Banker | |
| Yearly salary | $44,463 | $34,532 |
| Hourly rate | $21.38 | $16.60 |
| Growth rate | 10% | 10% |
| Number of jobs | 29,725 | 22,843 |
| Job satisfaction | - | - |
| Most common degree | Bachelor's Degree, 56% | Bachelor's Degree, 34% |
| Average age | 43 | 43 |
| Years of experience | 4 | 4 |
A banker is primarily responsible for assisting clients with their banking needs, particularly when withdrawing, depositing, and paying. Aside from handling transactions, bankers are also mainly responsible for opening and closing accounts, processing requirements, verifying the validity of documentation, recommending services and other financial options to clients, and resolving inquiries and concerns. A banker may answer calls and correspondence, coordinate with other banking personnel, maintain accurate data, and discuss conditions to clients thoroughly. Furthermore, because a banker mainly works with clients, it is essential to attain customer satisfaction.
As the name entails, phone bankers work for banks, financial institutions, or even at call centers whose primary job is to assist banking customers' needs and inquiries via telephone. Their duties and responsibilities may include handling concerns about bank transactions, keeping customers informed of bank policies and procedures, and processing financial applications. They also help maintain customer retention and satisfaction, participating in marketing campaigns, sales development activities, and referral programs. Phone bankers may do some administrative tasks as needed.
Bankers and phone bankers have different pay scales, as shown below.
| Banker | Phone Banker | |
| Average salary | $44,463 | $34,532 |
| Salary range | Between $20,000 And $97,000 | Between $27,000 And $43,000 |
| Highest paying City | New York, NY | Saint Paul, MN |
| Highest paying state | New York | New York |
| Best paying company | Citi | Advancial Federal Credit Union |
| Best paying industry | Finance | Finance |
There are a few differences between a banker and a phone banker in terms of educational background:
| Banker | Phone Banker | |
| Most common degree | Bachelor's Degree, 56% | Bachelor's Degree, 34% |
| Most common major | Business | Business |
| Most common college | University of Pennsylvania | Stanford University |
Here are the differences between bankers' and phone bankers' demographics:
| Banker | Phone Banker | |
| Average age | 43 | 43 |
| Gender ratio | Male, 46.3% Female, 53.7% | Male, 36.1% Female, 63.9% |
| Race ratio | Black or African American, 5.5% Unknown, 4.1% Hispanic or Latino, 11.4% Asian, 12.3% White, 66.5% American Indian and Alaska Native, 0.2% | Black or African American, 5.8% Unknown, 4.1% Hispanic or Latino, 12.2% Asian, 10.8% White, 66.8% American Indian and Alaska Native, 0.2% |
| LGBT Percentage | 6% | 6% |